7. Don’t Fall for the “Sunk Cost” Fallacy in Decision Making
Like a bad, long-term relationship, when you’ve already invested so much time and effort into it, it’s not easy to make the decision to call it quits, though you really should. In economics, “a sunk cost” is any past cost that has already been paid and cannot be recovered. This money is now gone, so it shouldn’t figure into the business’s decision-making process. But simply being aware of tit will help you make more rational decisions in the future.
